American economist and professor who received the 2001 Nobel Prize in Economics, along with fellow economists Michael Spence and Joseph Stiglitz, for analyzing the markets using asymmetric information, as stated in his well-known The Market for Lemons paper. The paper denotes imperfect information in the market for used cars. He is also popular for his efficiency wage hypothesis, implying the wages are known by the efficiency goals of employers aside from supply and demand forces.